COLLAPSED charity Kids Company has been reborn as squatters have taken over its former headquarters.

The new charity is being run by hedge fund big wigs, a celebrity hairdresser, and members of high society, including the wife of an aristocrat.

Former Kids Company major donors celebrity hairdresser John Freida and hedge fund manager Stuart Roden are the main financial backers for the new charity 1-Up Foundation, which will take over key aspects of Kids Company's work with vulnerable youths and children.

Mr Roden and Mr Freida, had promised to give Kids Company millions of pounds to bail it out before its shock closure in August days after receiving a £3million government grant.

As the new charity was being registered around 60 squatters moved into the Kids Company former HQ called Arches II in Camberwell, South London.

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We will be monitoring the charity, to ensure that it complies with its objects and charity law, and that its trustees are appropriately overseeing the charity’s governance and management.

Charity Commission

The Charity Commission, which continues to investigate the financial management of Kids Company, said in a statement it had gone through the new charity foundation documents with a fine tooth comb, due to concerns about its predecessor.

A commission spokeswoman said: "Given the live concerns about aspects of the management of Kids Company, which we are currently investigating as part of a statutory inquiry, we assessed and considered the 1- Up Foundation’s application very carefully, both to ensure that the organisation meets the legal requirements of charity status, and to ensure the trustees fully understand and are capable of and committed to fulfilling their legal duties and responsibilities. Our investigation into Kids Company continues.”

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She also courted royalty including Prince Charles before the collapse

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Other trustees of 1-Up are Nick Lawson, global head of macro at Deutsche Bank and William de Winton, a hedge fund manager of Lansdowne Partners, who were also set to join the Kids Company board, and Thomas Bible, a trustee of Barrow Foundation UK, Simon Morris and Tatiana Amory, wife of William Francis Heathcoat-Amory, the heir apparent to the baronetcy of Heathcoat-Amory baronets, of Knightshayes Court.

The new charity has been formed to work towards the “relief and assistance of children”. It will manage three projects previously run by Kids Company, including the Treehouse project, in North London, which was funded by rock band Coldplay.

The new board will include a director for safeguarding who will report on protecting vulnerable beneficiaries.

The Commission spokeswoman added: “We will be monitoring the charity, to ensure that it complies with its objects and charity law, and that its trustees are appropriately overseeing the charity’s governance and management.”